Terminology

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

N + A Naphthenes and aromatics N'Kossa Crude Oil Crude oil from Congo with API gravity of *** and *** % sulfur. NAESB North American Energy Standards Board Nanhai Light Crude Oil Crude oil from Hui Zhou, China with API gravity of *** and sulfur content of *** % Naphta An oil distillate. Naphta is an intermediate product between gasoline and kerosene. It is known as a light product because of the low molecular weight of the hydrocarbons making it up. Naphthenic A high naphthenes content Naphthenic Naphtha Usually favored as reformer feedstock. Napo Crude Oil Crude oil from Esmeraldas, Ecuador with API gravity of *** and *** % sulfur. National Oceanic Atmospheric Administration ("NOAA") Publishes the latest weather data. Natural Gas Act The Natural Gas Act was passed in 1938, giving the Federal Power Commission (now the Federal Energy Regulatory Commission or FERC) jurisdiction over companies engaged in interstate sale or transportation of natural gas. The act instituted federal oversight of rates charged by interstate gas-transmission companies, and also limited certification authority. The principal aims of the Natural Gas Act were to: 1) provide a stable financial and regulatory environment for the financing and construction of interstate gas pipelines; and 2) prevent the 'naturally monopolistic' pipelines from engaging in undue discrimination and other feared abuses, including those attendant on their control by utility holding companies or major oil and gas producers. Natural Gas Act Policy of 1978 The gas market before 1978 was drastically different than the one currently existing in the United States. The changes in the market since the 1970's have come partially from increasing technology, but also largely from changes in natural gas regulation. The Natural Gas Policy Act was one of the first efforts to deregulate the gas industry. Congress intended to allow the supply, demand, and thus the price of natural gas to be dictated by market forces, rather than regulation. Natural Gas Hubs Natural gas is distributed throughout the US and Canada from hubs which are fed by pipeline systems. These hubs store gas in large-capacity underground facilities, constructed from depleted oil fields and natural caverns. Gas suppliers feed these hub storage facilities from their own storage areas according to agreements for supply and sales. Texas Waha Area Hubs – To Western Markets DEFS Hub - Duke Energy Field Service Co. Encina Hub - Sid Richardson Gas Co. EPGT Hub - El Paso Texas Pipeline LP Lone Star Hub - TXU Lone Star Gas Co. North Texas Gas Trading Area – To Midwest Markets Northeast Texas Area – To Midwest and Northeast Markets Carthage Hub - Duke Energy Field Services Co. Southeast Texas Hubs To Northeast and Southeast Markets Katy Hub (DEFS) - Duke Energy Field Services Co. Katy Storage Hub - Enstor Inc. Moss Bluff - Moss Bluff Hub Partners LP Spindletop Storage Hub - Centana Intrastate Pipeline Co. Agua Dulce Hub - ConocoPhillips Inc. Louisiana Henry Hub - Sabine Hub Services Inc. Eagan Center - Egan Hub Partners LP Nautilus Hub - Shell Gas Transmission Co. Perryville Hub - Centerpoint Energy Gas Trans Co. New Mexico Blanco Hub - Transwestern Gas Pipeline Co. Wyoming Opal Hub - Williams Field Services Co. Cheyenne Hub - Colorado Interstate Gas Co. Natural Gas or Gas A naturally occurring mixture of hydrocarbon and non-hydrocarbon gases in porous formations beneath the earth's surface, often in association with petroleum. The principal constituent is methane. Natural Gas Pipeline ("NGPL") Natural Gas Hub - Amarillo Texas Panhandle natural gas hub Natural Gas Pipeline ("NGPL") Natural Gas Hub - Iowa Iowa / Illinois natural gas hub Natural Gas Pipeline ("NGPL") Natural Gas Hub - Louisiana Louisiana natural gas hub Natural Gas Pipeline ("NGPL") Natural Gas Hub - Midcontinent Texas Panhandle natural gas hub Natural Gas Pipeline ("NGPL") Natural Gas Hub - South Texas South Texas natural gas hub Natural Gas Pipeline ("NGPL") Natural Gas Hub - TexOk East Texas natural gas hub Natural Gas Types Petroleum Gas - formed as a natural by-product during the generation of petroleum. It is often dissolved within the liquid hydrocarbon or in a free gas state associated with the oil pool. Coal Gas - formed by the modification of coal through the introduction of heat, pressure or other natural processes. Coal gas is the source of most of world's supply of commercial natural gas Bacterial Gas - forms during the low temperature alteration of organic matter at or near earth's surface. Natural Gasoline Gasoline manufactured from casinghead gas or from any natural gas. Nautilus Natural Gas Hub Louisiana natural gas hub - 8 pipeline interconnects Nemba Crude Oil Crude oil from Angola with API gravity of *** and *** % sulfur. New contract any contract, entered into on or after November 9, 1978, for the first sale of natural gas which was not previously subject to an existing contract. New lease when used with respect to the Outer Continental Shelf, means a lease, entered into on or after April 20, 1977, of submerged acreage. New well means any well— (A) the surface drilling of which began on or after February 19, 1977; or (B) the depth of which was increased, by means of drilling on or after February 19, 1977, to a completion location which is located at least 1,000 feet below the depth of the deepest completion location of such well attained before February 19, 1977. New York Mercantile Exchange Also known in the energy industry as "the NY Merc". NFC-2 Qatar Condensate Crude oil from Qatar with API gravity of *** and *** % sulfur. NGA see Natural Gas Act. NGL, Natural Gas Liquids Hydrocarbon liquids extracted from natural gas. Can include ethane, propane, butane, isobutane and natural gasoline/condensate. Not to be confused with LNG, liquefied natural gas. LNG is artificially liquefied methane, not the heavier fractions defined as NGLs. Niagara Natural Gas Hub - New York U.S./Canadian natural gas hub Nkossa Crude Oil Crude oil from Congo with API gravity of *** and *** % sulfur. Nominiation The scheduling of daily gas requirements. North American Energy Standards Board ("NAESB") A board established by the FERC to set rules by which interstate natural gas pipelines and distributors must operate. Replaces GISB. North American Natural Gas Hubs ANR LA ANR ML7 ANR OK Chicago CG CIG Rocky Mt Columbia Gas Appalachia Columbia Gulf LA Consumers Energy Dawn Ont Dominion South El Paso San Juan El Paso Permian Empress Florida Gas Zn 1 Florida Gas Zn 2 Florida Gas Zn 3 Henry Hub Houston Ship Channel Kern River/Opal Plant Lone Star Malin Michigan Consolidated CG NGPL S TX NGPL Midcon NGPL TX/OK Niagra Northern NG Demarc Northern NG TX/OK/KS Northern NG Ventura Nova AECO-C Oneok Panhandle TX OK PG&E CG PG&E South Reliant East Reliant West So Cal Gas SoNat LA Sumas Tenn GP Zn 0 Tenn GP 500 Leg Tenn GP 800 Leg Tennessee, 100 Leg Texas E Zn M3 Texas GT Zn 2 Texas GT Zn 1 Texas E STX Texas E ELA Texas E ETX Texas E WLA Texas Intra Transco Zn 1 Transco Zn 2 Transco Zn 3 Transco Zn 4 Transco Zone 5 Transco Zn 6 NY Transco Zn 6 Non-NY Transwestern Permian Trunkline Waha Area Williams North Sea Basket A straight average of the price of Dated Brent, Forties and Oseberg. North West Shelf Crude Oil Crude oil from Dampier, Australia with API gravity of *** and sulfur content of *** % Northern Natural Gas ("NNG") Natural as Hub - Ventura Iowa natural gas hub Northern Natural Gas ("NNG") Natural Gas Hub - Clifton Kansas natural gas hub Northern Natural Gas ("NNG") Natural Gas Hub - Permian West Texas natural gas hub Northern Natural Gas ("NNG") Natural Gas Hub - Texas Panhandle Texas Panhandle natural gas hub Northwest Pipeline Natural Gas Hub - Green River Colorado natural gas hub Northwest Pipeline Natural Gas Hub - Kemmerer Wyoming natural gas hub Northwest Pipeline Natural Gas Hub - Opal Wyoming natural gas hub Northwest Pipeline Natural Gas Hub - Rocky Mountains Rocky Mountain natural gas hub Northwest Pipeline Natural Gas Hub - Stanfield Oregon natural gas hub Northwest Pipeline Natural Gas Hub - Sumas / Canadian Border U.S./Canadian border natural gas hub Nova Gas Transmission Natural Gas Hub U.S./Canadian natural gas hub NRI (Net Revenue Interest�) That percent of the production revenue allocated to the working interest after first deducting proceeds allocated to royalty and overriding interest. NYMEX - New York Mercantile Exchange Also known in the energy industry as "the NY Merc". NYMEX Bow River Crude Oil A Canadian heavy sour, is the benchmark grade for heavy sours from Canada's prolific oil-producing province of Alberta. NYMEX Brent Blend Crude Oil Is a light, sweet North Sea crude oil that serves as a benchmark grade. NYMEX Dubai Crude Oil One of the few Middle Eastern crudes that are freely traded and used as market benchmark for crudes shipped from the Persian Gulf. Cargoes of Dubai crude are typically a half-million barrels each, shipped from the Gulf port of Fateh. NYMEX Henry Hub Natural Gas In southern Louisiana is the principal pricing point for natural gas markets in North America. NYMEX Houston Ship Channel Hub Natural Gas In southeast Texas NYMEX Light Louisiana Sweet (LLS) Crude Oil Is one of the most actively traded domestic crudes in St. James, Louisiana, one of the oil industry's most important trading hubs. NYMEX Light Sweet Crude Oil Contract trades in units of 1,000 barrels, and the delivery point is Cushing, Oklahoma NYMEX Mars Blend Crude Oil Is a medium sour grade produced from the Gulf of Mexico in water that is approximately 6,000 feet deep. The crude is a sour benchmark deliverable on the Gulf Coast and serves as a price barometer for imported sours such as Arab Medium and Kuwait Medium, linking it closely to world markets. NYMEX Waha Hub Natural Gas In West Texas lies south of the prolific gas deposits in the San Juan and Permian Basins. Several interstate and intrastate pipelines connect at Waha that provide east-west links to California and East Texas, as well as interconnections with pipelines serving the mid-continent area. NYMEX West Texas Intermediate (WTI) Crude Oil The U.S. benchmark grade, is one of the most actively traded domestic crudes and is the primary deliverable grade under the NYMEX., light, sweet crude oil futures contract. NYMEX-CM – (Calendar Month) Differential between the NYMEX and the Average Monthly Lease $/Unit (Example: NYMEX-CM - $Avg) A negative $ amount reflects the amount below the NYMEX-CM Crude / Condensate: NYMEX average price for the Calendar Month. Example: 1st through the 31st average of all NYMEX futures immediately prior to the delivery month Natural Gas - NYMEX Henry Hub average price for the Calendar Month $/Dth; Example: 1st through the 31st average of all that current monthly NYMEX Cash trading for the delivery month. For Holidays and Weekend days, use the prior business day NYMEX Cash for the applicable day. NYMEX-OM - (Operational Month) Differential between the NYMEX and the Average Monthy Lease $/Unit (Example : NYMEX-OM - $Avg) A negative $ amount reflects the amount below the NYMEX-OM Crude / Condensate: NYMEX average price for the Operational Month of 26th of the prior month to the 25th of the current month Natural Gas : NYMEX Henry Hub average price of all NYMEX futures prior to the delivery month $/Dth; Example : 28th through the 27th of the month prior to the delivery month Copyright � 1999-2004 Crutchfield Enterprises, Inc. All Rights Reserved.